Flexible, manageable, and more efficient energy storage solutions have increased the demand for electric vehicles. A powerful battery pack would power the driving motor of electric vehicles. The battery power density, longevity, adaptable electrochemical behavior, and temperature tolerance must be understood. Battery management systems are essential in electric vehicles and renewable energy storage systems. This article addresses concerns, difficulties, and solutions related to batteries. The battery management system covers voltage and current monitoring; charge and discharge estimation, protection, and equalization; thermal management; and battery data actuation and storage. Furthermore, this study characterized the various cell balancing circuit types, their components, current and voltage stresses, control reliability, power loss, efficiency, size and cost, and their benefits and drawbacks. Secondly, we review concerns and challenges in battery management systems. Furthermore, we identify problems and obstacles that need additional attention for optimal and sustainable battery management systems for electric vehicles and renewable energy storage systems. Our last topic will be on issues for further research.